Here’s your step-by-step guide on how to transfer your Sukanya Samriddhi Yojna Account from a post office to your bank easily. Read on.
Sukanya Samriddhi Yojna (SSY) is a social welfare government Saving Scheme that was launched on January 22, 2015 to meet the financial requirements of a girl child’s higher education, marriage etc.
It’s one of the most popular savings schemes that currently offers an attractive interest rate of 8.1%. The interest rate is revised every quarter. As a parent or guardian, you can open an account for your daughters who are 10 years old or younger with a minimum investment of Rs. 250 and a maximum of Rs. 1, 50,000 in a financial year.
If you already have an SSY account in a post office and wish to transfer the account to your bank, here’s what you can do:
First, visit the post office branch where you currently hold the SSY account. Don’t forget to carry your passbook and KYC documents! Also, note that the girl child is not required to accompany you to the post office unless she is managing the account on her own.
Check this: Can You Take A Loan Against Sukanya Samriddhi Yojana?
Next, talk to one of the post office executives available at the branch and request for a Sukanya Samriddhi Yojana transfer request form. Fill out the required details carefully like name, address etc. and submit the form along with your original passbook.
Once you submit the form, the post office executive will verify your documents and close your account at their end. The executive will also hand over a few documents, like a demand draft, that you will be required to submit to the bank you want to transfer your account to.
Now, visit the bank branch and submit all the documents to a bank executive. You will be required to fill out an SSY account-opening form and provide your KYC documents, a passport-sized photograph and signature to complete the transfer procedure. That’s it!
More: Changes In The Sukanya Samriddhi Yojana Scheme
Looking for other investment options like Mutual Funds & Fixed Deposit? Hurry, explore your options right away!